Community Bank News & Announcements
Effective Friday, March 20, all lobbies will close but drive-ups will remain open.
As of Friday, March 20th, Community Bank will be closing our lobbies until further notice. We will continue to serve our customers as follows:
Banking services will be available through our drive-up, by phone, email and by appointment-only until further notice. Safe deposit box access will be by appointment-only.
The safety and health of our employees and customers is, as always, our top priority in this time. As we watch the Coronavirus (COVID-19) pandemic situation evolve, we will follow safety guidelines outlined by government health organizations. Not only is your health a priority, but also your financial security. We are here to help you. Please don’t hesitate to contact us if you have questions or concerns, or if you need assistance.
To assist you with managing your banking from home or work, please consider using our electronic banking services:
- Online Banking and Mobile Banking – pay bills, make a check deposit, check your balance, and pay people
- Mobile Deposit – deposit checks remotely
- ATMs, Night Drop, Bank by Mail
As we continue to monitor and respond to the rapidly changing situation caused by COVID-19, watch for further communications from us. Other sources that you can refer to for up-to-date information are:
Taking care of our communities, employees, and customers is our primary focus. As a bank, we are extremely well positioned for times like these. We have abundant liquidity and experienced people who work hard to ensure that you receive the type of service that you have come to expect from Community Bank.
We appreciate your business and look forward to continuing to serve you.
Changes to IRA Contributions and RMDs
The SECURE Act was signed into law on December 20, 2019. One of the many changes is to require minimum distributions (RMDs) from retirement accounts.
Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72. This change applies to individuals who reach 70½ on January 1, 2020, and after. If you turned 70½ by the end of 2019, you are required to take an RMD for 2019. You have until April 1, 2020 to do so. However, if you turn 70½ on or after January 1, 2020, you will not be required to take an RMD until you turn 72 in 2022.
Americans will also have the option to keep contributing to individual retirement accounts after the age of 70½. This was previously not allowed. In order to contribute to an IRA, an individual must have earned income.
If you have questions regarding making an IRA contributions or taking your RMD, please consult your tax advisor as these decisions have tax implications.
Health Savings Account - Tips & Reminders
If you are enrolled in a high-deductible health insurance plan, you can maintain a Health Savings Account (HSA). An HSA is a tax-advantage medical savings account and a great way to cover the cost of medical and health-care expenses not necessarily covered by an insurance plan. You can make contributions to your HSA throughout the year, up to the annual limit. Any funds remaining at the end of the year will stay in the account and continue to grow tax-free for future qualified medical expenses.
View HSA Limits
HSA Tips & Reminders
• Contributions for 2019 can be made through April 15, 2020. Contributions done online through Online Banking or the Community Bank Mobile App are automatically credited for the 2020 tax year. If you will be making a contribution for the 2019 tax year before April 15, 2020, please call or stop by any of our five Community Bank locations.
• Spouses who have family coverage and both are eligible to make a Catch-up contribution must have a separate HSA and contribute their own $1,000 catch-up contributions to their own account. Money from either account can be used to pay for medical expenses for you, your spouse and your current tax dependents.
• Qualified expenses for HSA use remains the same. Typically, HSA funds can be used for medical expenses related to diagnosis, cure, mitigation, treatment or prevention of disease. Payments to doctors and dentists as well as costs associated with prescriptions and imaging, like MRIs, are covered. For a full list, visit irs.gov
• Please verify the beneficiary information printed on your statements. If you need to update this information, please contact a Personal Banker at any Community Bank location.
• Corrections for tax reporting of distributions must be received by June 1, 2020.
• Corrections for tax reporting of contributions must be received by June 1, 2020.
This content is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please see your tax planner or accountant regarding your HSA eligibility.
Primetime Club Events & Newsletters
If you’re age 50 or better and are interested in banking benefits and social events, we invite you to join the Primetime Club! View our Primetime Newsletter for all upcoming events. Current events include:
Important Notice: Community Bank has decided to ancel the card playing group that meets monthly and will resume on May 12th.
Meet & Greet with Local Authors
Event has been postponed until a future date.
The Music Man
- Thursday, April 16
- Chanhassen Dinner Theatre
- Bus departs Home Depot at 9:30 a.m.
- RSVP by March 16
- $87 members / $97 non-members
- Lunch included
When Harold Hill (Robert Preston), a traveling con man, arrives in River City, he convinces the locals to start a band by purchasing the uniforms and instruments from him. His intention is to flee as soon as he receives the money. Librarian Marian Paroo (Shirley Jones) suspects Harold is a fraud, but holds her tongue since her moody brother, Winthrop (Ronny Howard), is excited about the band. As Harold begins to develop feelings for Marian, he faces a difficult decision about skipping town.
View Primetime Newsletter View Primetime Events